A coalition of media owners, professional and political organizations have launched a Million Dollar Black Spending Power campaign – an initiative geared toward reclaiming Black economic power.
The coalition is calling on African- American consumers across the nation to redirect a minimum of $20 per week in spending to Black-owned businesses. The organizers project that this effort may turn $1 million dollars per week back into predominately Black communities throughout the country.
The initiative is the brainchild of Bob Law, longtime radio personality, entrepreneur and community activist, who recently sent an open letter to the Congressional Black Caucus, highlighting the assault on Black-owned radio and requesting that the CBC bring the matter to the attention of the Federal Communications Commission and the full Congress.
“From the corporate community to other ethnic groups, every community seems to benefit from Black spending except the Black community. We fully intend to renegotiate the Black community’s financial relationship with corporate America and others doing business in the African American marketplace. We believe, however, that a significant starting point is for Black Americans to first take control of our own spending,” Law said in a release.
The cooperative effort also includes Dr. Maulana Karenga, creator of Kwanzaa and professor and chair of the Department of Africana Studies, California State University, Long Beach: Norm Bond, activist and chairman of the National Alliance of Market Developers; professor Jim Clingman of the University of Cincinnati, author and syndicated columnist; and Sara Lomax-Reese, president and general manager of 900AM WURD in Philadelphia. The effort has garnered the endorsement of Maggie Anderson, CEO of the Empowerment Experiment and author of “Our Black Year.”
The African-American Consumers: Still Vital, Still Growing 2012 Report released by Nielsen and the National Newspapers Publishers Association notes that Black consumers have a projected buying power of $1.1 trillion. However, organizers of the Million Dollar Black Spending Power Campaign contend that this money is not reaching the Black community.
Campaign organizers plan to mobilize Black consumer dollars through ongoing nationwide activities. The activities include Recycle Black Dollars shopping tours, e-commerce utilizing online business directories, websites, social media, Buy Black Meetup Groups, referral networks and educational events including community forums and local community based expos.
Philadelphia, the fifth largest city in the nation, is also a key market for the coalition members.
“Philly is the hub for this effort. It’s a national effort but Philadelphia is the lead city and what we do here is going to be the model and the blueprint for all the other cities around the country. When we look all around the country, the city that has the most elements to make this is a success is Philadelphia.” said Bond…
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